reorganization

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Reorganization

The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent.

Reorganization is ordinarily accomplished by way of a Judicial Sale of the property of the corporation. The purchasers then often form a new corporation to which substantially all assets of the old are transferred.

Cross-references

Bankruptcy.

reorganization

n. the implementation of a business plan to restructure a corporation, which may include transfers of stock between shareholders of two corporations in a merger. In bankruptcy, a corporation in deep financial trouble may be given time to reorganize while protected from creditors by the bankruptcy court. The theory is that if the business is able to get on its feet the creditors will eventually collect. (See: corporation, merger, bankruptcy)

reorganization

noun alteration, amelioration, betterment, change, conversion, improvement, melioration, overhauling, readjustment, rearrangement, rebuilding, reconstitution, reconstruction, rectification, reformation, rehabilitation, remaking, remodeling, restoration, restructuring, revising, revision, transformation
Associated concepts: bankruptcy, corporate reorganization
See also: development, progress, reclassification, reconversion, rehabilitation, repair, replacement
References in periodicals archive ?
Additional Final Regulations: COI Requirement for Corporate Reorganizations
368(a)(1)(a) as a "statutory merger or consolidation," is the prototypical corporate reorganization.
Clarke also is an attorney and practiced law with the Chicago-based law firm of Chapman and Cutler where he specialized in corporate reorganizations.
He has extensive experience in all types of corporate financing, including investment, commercial, and tax exempt financings and corporate reorganizations.
The assumption of the indebtedness by CIT Holdings, LLC was required under the indenture governing the debt based on certain fiscal year end corporate reorganizations of the CIT group of companies, following the combination of Newcourt and CIT on November 15, 1999.
Prior to that, he directed a number of corporate reorganizations, start-ups and buy-outs in the capital goods, metals and systems integration industries.
He has been part of numerous corporate reorganizations and change initiatives.
Levitt also participated in securing numerous private and public debt finance facilities, and was active in implementing a series of corporate reorganizations.
Hannesson has held senior executive and board positions in companies with sales in excess of $200,000,000 per annum and has been extensively involved in acquisitions, divestitures, corporate reorganizations, significant financing and management of growth situations.

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